Tuesday, April 16, 2024
Iron Path Capital-backed PureTech acquires Chemours' glycolic acid.

Iron Path Capital-backed PureTech acquires Chemours’ glycolic acid.

Deal Creates Standalone Operating Company

PureTech Scientific LLC announced the completion of its acquisition of the Glycolic Acid business from The Chemours Company for $137 million in cash. This acquisition positions PureTech Scientific as a global leader in the organic synthesis of ultra-high purity alpha hydroxy acids for various industries.

Natural and Synthetic Glycolic Acid

Glycolic acid is a naturally occurring compound found in plants and fruits. PureTech Scientific produces a nature-identical synthetic glycolic acid that is readily biodegradable and serves as a key component in pharmaceuticals, personal care products, cleaning agents, and more.

Benefits of the Acquisition

Iron Path Capital Co-Founder and Managing Partner Scott Mraz stated that the acquisition of the Glycolic Acid business from The Chemours Company brings together an exceptional team, a proprietary manufacturing process, superior products, and established distribution channels. PureTech Scientific is positioned to drive end-market growth through investments in innovation, customer support, and organic and transformative growth.

Leadership Team

James Kanicky, Business Manager of the Glycolic Acid division, will serve as CEO/President of PureTech Scientific. The leadership team, with over 125 years of combined experience, includes Reginald Malmberg as CFO, Jeff Horsager as EVP Business Development and Marketing, Ashley Rine as VP of Operations, and Chandler Lee as Global Sales Director.

Product Portfolio

  • Glypure® – used in personal care products
  • Glypure® GL – delivers the benefits of AHA for skin rejuvenation
  • Glypure® PGA – used in the biodegradable plastics market
  • Glyclean® – used in electronics and industrial processing
  • Glyclean® D – a new solution for the clean and disinfect market

About PureTech Scientific LLC

PureTech Scientific is the global leader in organic synthesis of ultra-high purity alpha hydroxy acids. Based in Belle, West Virginia, the company is dedicated to delivering world-class products, innovations, and customer support for various industries.

About Iron Path Capital

Iron Path Capital is a private equity firm specializing in healthcare and specialty industrials sectors. With offices in Nashville, TN, and Charlottesville, VA, Iron Path Capital supports management teams in achieving growth plans through strategic leadership and operational expertise.

Contact Information

For media inquiries, contact Rob Reistetter at media@ironpathcapital.com.

Source

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